Shares of Netflix sank 1.9% Thursday morning. The slide came following Disney's announcement that it had signed Jon Favreau to direct a live action Star Wars series for its competing streaming product. Favreau is the director of Iron Man and The Jungle Book.

Disney was up about 0.4% Thursday morning.

Details of Disney’s direct-to-consumer streaming product are still scant. Wall Street, though, has high hopes for its potential when it launches in 2019. RBC analyst Steven Cahall said in October Disney's service could easily reach 5 million subscribers after a year.

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